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Personal Finance-WISE Financial Literacy Review
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Someone who relies on a taxpayer for support is
a beneficiary
a tax recipient
a dependent
a burden
2
When can a person view her credit report for free?
once a year from the 3 major CRA's
only when applying for credit
once every 2 years
any time from all three major CRA's
3
You lose your credit card, and don't report it and someone uses it, your liability is
the credit limit
$50
0
$500
4
you believe your bank is charging an illegally high a rate of interest for a loan
Notify the lending institution about state usury laws
Ask the lending institution to lower its rates.
Accept the loan but pay it off early
Accept the loan but pay it off early.
5
Who benefits the most from inflation?
Persons on fixed incomes
The government
Long-term fixed rate borrowers
Lenders
6
Your credit card number is stolen by someone online who uses it. Your potential liability is
unlimited
$50
0
up to your credit limit
7
Which charges the highest interest rate for loans
Pawn shop
Finance company
Credit union
Bank
8
Medicare
is called the Affordable Healthcare Act
helps pay medical care expenses those with limited income
helps pay medical expenses for elderly
is the full employment for doctors act
9
law that requires the cost of credit be disclosed to consumers in bold print on loan agreement?
Fair Debt Collection Practices Act
Equal Credit Opportunity Act
Fair Credit Reporting Act
Truth in Lending Act
10
Electricity and food expenditures are:
discreet expenses that do not have to be paid monthly
personal expenses for an individual or family
variable expenses that change from one period to another
fixed expenses that remain the same
11
A savings account earns the greatest amount of money when the interest is compounded
yearly
daily
monthly
quarterly
12
Which is considered to be open-end credit
installment loan
a mortgage
Lowes charge card
a car loan
13
Something you are working to achieve within a defined period of time is a(an):
Goal
Value
Ideal
Dream
14
The Treasury Dept. tracks bank transactions of $10,000 or more
True
False
15
Which of the following does the Federal Reserve use to regulate the nation's money supply?
Proposing legislation
Monetary policy
Regulations
Fiscal policy
16
A credit card finance charge is:
a service fee
the cost of the items purchased
the cost to use credit
the sales tax
17
A form W-4,
is filed with your income tax return
can never be changed
tells you how much wages you were paid
assists employer in determining income tax to withhold
18
You found incorrect information on you credit report. You can
tell creditor to remove false information
not dispute negative information
request credit bureau to correct information
void the credit report
19
When a person pawns a watch, the transaction is considered
a sales agreement
an unsecured loan
a collateralized loan
a custodial loan
20
Which of the following provides an increase in assets or wealth?
Volunteering at a hospital
Taking out a loan
Having capital gains
Running in the marathon
21
you have an auto loan with 60 months of equal monthly payments, you have
balloon loan
non-installment loan
an unsecured loan
closed end credit
22
Law which limits the interest rate charged by lenders are:
Usury laws
Abeyance laws
Retrointerest laws
Anti interest laws
23
A personal bankruptcy filing stays on your credit report for
1 year
7-10 years
Forever
3 years
24
New currency makes its way into the economy through the distribution system of the:
US Mint
FDIC
Federal Reserve
Treasury dept
25
Who hurt the most from inflation?
Long-term fixed rate borrowers
Persons on fixed incomes
The government
Short term borrowers
